军工行业周报：南部战区、中国海警位黄岩岛领海及周边区域开展警巡

Investment Rating - The industry investment rating is "Positive" with expectations of returns exceeding the CSI 300 index by more than 5% over the next six months [78]. Core Viewpoints - The global geopolitical tensions are escalating, leading to a new round of military expansion. China's defense spending has consistently outpaced GDP growth in most years, indicating significant growth potential for future defense budgets. The year 2025 marks the end of the "14th Five-Year Plan," and the industry is expected to recover from the past two years of stagnation, entering a phase of comprehensive recovery. As orders normalize and are gradually released, the military industry may experience a "Davis Double-Click" phase of performance improvement and valuation enhancement. It is recommended to focus on leading companies in advanced fighter jets, low-altitude economy, domestic large aircraft, satellite internet, and underwater offense and defense sectors, which have favorable competitive landscapes and high technological barriers [4][11]. Summary by Sections Industry News - The Southern Theater Command and the China Coast Guard have conducted patrols in the waters surrounding Huangyan Island, reinforcing maritime control and safeguarding national sovereignty and maritime rights [3][17]. Market Performance - In the past week, the Aerospace and Defense Index fell by 2.95%, while the CSI 300 Index decreased by 0.99%. In the monthly performance, the Aerospace and Defense Index increased by 1.79%, compared to a 1.91% rise in the CSI 300 Index [12]. Company Tracking - Platinum Power has completed a share buyback, repurchasing 1,759,549 shares at a total cost of approximately RMB 73.21 million [24]. - Tian'ao Electronics reported a revenue of approximately RMB 96.44 million, a year-on-year decrease of 13.04%, and a net profit of approximately RMB 6.42 million, down 26.37% [25]. - ST Guandian reported a significant revenue drop of 43.92% year-on-year, with a net loss of approximately RMB 100.11 million [26]. - Tongyi Aerospace expects a revenue of approximately RMB 16.72 million, a decrease of 11.27%, and a net loss of approximately RMB 1.54 million [27]. - Zhong UAV reported a revenue of approximately RMB 68.52 million, down 74.28%, with a net loss of approximately RMB 53.92 million [28].